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Unaudited Condensed Consolidated Statements of Changes in Shareholders' (Deficit)/Equity - USD ($)
$ in Thousands
Common Stock
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive income (loss)
Statutory reserves
Total Microvast Holdings, Inc. Shareholders’ Deficit
Noncontrolling interest
Total
Balance at Dec. 31, 2017 $ 6 $ (166,282) $ 24,787 $ 6,032 $ (135,457) $ 59,505 $ (75,952)
Balance (in Shares) at Dec. 31, 2017 99,028,297              
Net loss (54,892) (54,892) (5,799) (60,691)
Accretion for Series A1 Preferred (10,025) (10,025) (10,025)
Accretion for Series B1 Preferred (8,391) (8,391) (8,391)
Accretion for Series EEL Preferred (5,828) (7,395) (13,223) (13,223)
Accretion for the noncontrolling interests to be redeemed (9,497) (9,497) (9,497)
Transfer from liability to noncontrolling interests due to redemption ratio change 18,841 18,841
Noncontrolling investors’ compensation for performance guarantee (1,168) (1,168) 1,168
Foreign currency translation adjustments (30,088) (30,088) 2,059 (28,029)
Reclassification of noncontrolling interests to redeemable noncontrolling interests (81,438) (81,438)
Accretion for redeemable noncontrolling interests – before extinguishment (2,505) (2,505) (2,505)
Fair value change of redeemable noncontrolling interests due to extinguishment 5,828 5,828 5,828
Accretion for redeemable noncontrolling interests – after extinguishment (1,500) (1,500) (1,500)
Balance at Dec. 31, 2018 $ 6 (261,655) (5,301) 6,032 (260,918) (5,664) (266,582)
Balance (in Shares) at Dec. 31, 2018 99,028,297              
Net loss (57,540) (57,540) (2,123) (59,663)
Accretion for Series A1/C1 Preferred (4,102) (4,102) (4,102)
Accretion for Series B1/C2 Preferred (7,948) (7,948) (7,948)
Accretion for Series EEL/D1 Preferred (30,839) (30,839) (30,839)
Accretion for the exiting noncontrolling interests (5,805) (5,805) (5,805)
Foreign currency translation adjustments (3,965) (3,965) 16 (3,949)
Cumulative effect adjustment related to opening retained earnings for adoption of ASC 606 (1,565) (1,565) (1,565)
Fair value change of preferred shares due to extinguishment 61,138 61,138 61,138
Fair value change of redeemable noncontrolling interests due to extinguishment 8,299 8,299 8,299
Accretion of redeemable noncontrolling interests (9,245) (9,245) (9,245)
Acquisition of noncontrolling interest (7,771) (7,771) 7,771
Balance at Dec. 31, 2019 $ 6 3,727 (320,760) (9,266) 6,032 (320,261) (320,261)
Balance (in Shares) at Dec. 31, 2019 99,028,297              
Net loss (29,074)     (29,074)
Accretion for Series C1 Preferred (2,923)     (2,923)
Accretion for Series C2 Preferred (804) (5,846)     (6,650)
Accretion for Series D1 Preferred (13,986)     (13,986)
Accretion for the exiting noncontrolling interests (4,243)     (4,243)
Foreign currency translation adjustments 6,223     6,223
Accretion for redeemable noncontrolling interests (7,681)     (7,681)
Balance at Sep. 30, 2020 $ 6 (381,590) (3,043) 6,032     (378,595)
Balance (in Shares) at Sep. 30, 2020 99,028,297              
Balance at Dec. 31, 2019 $ 6 3,727 (320,760) (9,266) 6,032 $ (320,261) (320,261)
Balance (in Shares) at Dec. 31, 2019 99,028,297              
Net loss (33,625)     (33,625)
Accretion for Series C1 Preferred (3,727) (170)     (3,897)
Accretion for Series C2 Preferred (8,866)     (8,866)
Accretion for Series D1 Preferred (18,648)     (18,648)
Accretion for the exiting noncontrolling interests (5,668)     (5,668)
Foreign currency translation adjustments 16,622     16,622
Accretion of redeemable noncontrolling interests (10,259)     (10,259)
Balance at Dec. 31, 2020 $ 6 (397,996) 7,356 6,032     (384,602)
Balance (in Shares) at Dec. 31, 2020 99,028,297              
Balance at Jun. 30, 2020 $ 6 (359,646) (13,910) 6,032     (367,518)
Balance (in Shares) at Jun. 30, 2020 99,028,297              
Net loss     (10,089)         (10,089)
Accretion for Series C1 Preferred     (975)         (975)
Accretion for Series C2 Preferred     (2,216)         (2,216)
Accretion for Series D1 Preferred (4,662)     (4,662)
Accretion for the exiting noncontrolling interests     (1,425)         (1,425)
Foreign currency translation adjustments       10,867       10,867
Accretion for redeemable noncontrolling interests     (2,577)         (2,577)
Balance at Sep. 30, 2020 $ 6 (381,590) (3,043) 6,032     (378,595)
Balance (in Shares) at Sep. 30, 2020 99,028,297              
Balance at Dec. 31, 2020 $ 6 (397,996) 7,356 6,032     (384,602)
Balance (in Shares) at Dec. 31, 2020 99,028,297              
Net loss (159,844)     (159,844)
Accretion for Series C1 Preferred (2,257)     (2,257)
Accretion for Series C2 Preferred (5,132)     (5,132)
Accretion for Series D1 Preferred (10,708)     (10,708)
Accretion for the exiting noncontrolling interests (3,682)     (3,682)
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) $ 23 1,241,648     1,241,671
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) (in Shares) 191,254,950              
Share-based compensation $ 1 49,551     49,552
Share-based compensation (in Shares) 8,551,647              
Foreign currency translation adjustments (2,373)     (2,373)
Accretion for redeemable noncontrolling interests (5,841)     (5,841)
Balance at Sep. 30, 2021 $ 30 1,291,199 (585,460) 4,983 6,032     716,784
Balance (in Shares) at Sep. 30, 2021 298,834,894              
Balance at Jun. 30, 2021 $ 6 (465,457) 8,113 6,032     (451,306)
Balance (in Shares) at Jun. 30, 2021 99,028,297              
Net loss (116,476)     (116,476)
Accretion for Series C1 Preferred (251)     (251)
Accretion for Series C2 Preferred (570)     (570)
Accretion for Series D1 Preferred (1,190)     (1,190)
Accretion for the exiting noncontrolling interests (858)     (858)
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) $ 23 1,241,648     1,241,671
Issuance of common stock upon the reverse recapitalization, net of issuance costs of $42.8 million (Note 3) (in Shares) 191,254,950              
Share-based compensation $ 1 49,551     49,552
Share-based compensation (in Shares) 8,551,647              
Foreign currency translation adjustments   (3,130)     (3,130)
Accretion for redeemable noncontrolling interests (658)     (658)
Balance at Sep. 30, 2021 $ 30 $ 1,291,199 $ (585,460) $ 4,983 $ 6,032     $ 716,784
Balance (in Shares) at Sep. 30, 2021 298,834,894